Lithium Market Is Expected To Reach USD 12.7 Billion By 2028


 San Francisco, 30 Aug 2023: The Report Lithium Market Size, Share & Trends Analysis Report By Product (Carbonate, Hydroxide), By Application (Automotive, Consumer Goods, Grid Storage, Glass & Ceramics), By Region, And Segment Forecasts, 2023 - 2030

The global lithium market size is expected to reach USD 18.99 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 12.3% from 2023 to 2030. Rising investments in lithium mining and related technologies are projected to remain a key trend in the market. Lithium mining is witnessing rapid growth as its demand is accelerating owing to its application in batteries. The element is found in dry places that require thousands of liters of water for its mining. Considering the rising demand for elements and increasing usage of water required for its extraction, R&D is in place to find better alternative methods. For instance, in February 2020, funding of around USD 20 million by Bill Gates was provided to Lilac Solutions, a lithium mining technology firm located in the U.S.

According to the firm, its ion exchange technology is two times more efficient compared to the current mining process and requires a fraction of time. Lithium recycling is a complex process; however, with the rising penetration of Li-ion batteries, the demand may outpace supply. Therefore, researchers are focusing on extraction and recycling through various new technologies. Lithium compounds are extracted from batteries as per individual methods and stages. The stages are divided into pre-treatment and extraction stages; while extraction is again categorized into hydrometallurgy, pyrometallurgy, and electrochemical extraction. Despite the growing emphasis and development of different recycling technologies, less than 1% of lithium is recycled currently.

Over the last decade, the rise in usage of Li-ion battery storage has led to a decline in their prices by over 80%, leading to enhanced energy storage and paving the way for Electric Vehicles (EVs) to be commercially viable. Government regulations and subsidies are working on expanding clean energy; thus, energy storage systems represent a huge opportunity for investors. However, expensive raw materials required to produce energy storage systems may remain a critical factor for investors. As per the International Energy Agency, new companies in clean energy have attracted significant investments during the COVID-19 pandemic. Early-stage Venture Capital (VC) investments reduced slightly in the first half of 2020. However, these investments recovered quickly, with record investments from the third quarter of 2020.

Access Research Report of Lithium Market @ https://www.grandviewresearch.com/industry-analysis/lithium-market

Lithium Market Report Highlights

  • In terms of revenue, the hydroxide product segment is projected to register the fastest CAGR from 2023 to 2030. The rapid development of battery technologies is projected to remain a key driver for the segment
  • Automotive was the largest application segment in 2022. The rising penetration of Electric Vehicles (EVs) along with stringent emission regulations by government bodies is the key focus area for market vendors
  • The consumer electronics segment is projected to witness the highest CAGR over the forecast period, in terms of revenue, due to the high demand for electronic products, such as smartphones, tablets, laptops, wearables, portable speakers, and tablets
  • Asia Pacific was the largest regional market in 2022, in terms of both volume and revenue. The growth of the region can be attributed to the heavy investments in lithium mining as well as lithium-ion battery technologies
  • In terms of volume, Europe accounted for the second-largest market share in 2022. The growth of the region is attributable to the rising penetration of EVs and growing concerns about Greenhouse Gas (GHG) emissions

Lithium Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 8.20 billion

Revenue forecast in 2030

USD 18.99 billion

Growth rate

CAGR of 12.3% from 2023 to 2030

Market size volume in 2023

389.7 kilotons

Volume forecast in 2030

880.3 kilotons

Growth rate

CAGR of 11.9% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

List of Key Players in Lithium Market

  • Albemarle Corporation
  • Ganfeng Lithium Co., Ltd.
  • SQM S.A.
  • Tianqi Lithium Corporation
  • Livent Corporation
  • Lithium Americas Corp
  • Pilbara Minerals
  • Orocobre Limited Pty Ltd
  • Mineral Resources

 Access Press Release of Lithium Market @ https://www.grandviewresearch.com/press-release/global-lithium-market

 

Comments

Post a Comment

Popular posts from this blog

U.K. Point Of Sale Software Market To Expand Industry Growth At USD 1.05 Billion By 2028

Image
  San Francisco, 21 Jan 2022:   The Report  U.K. Point Of Sale Software Market  Size, Share & Trends Analysis Report By Application (Fixed POS, Mobile POS), By Deployment, By Organization Size, By End-user, And Segment Forecasts, 2021 - 2028 The global U.K. point of sale software market size is expected to reach USD 1.05 billion by 2028, expanding at a CAGR of 8.1% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The integration of a Point-Of-Sale (POS) solution with capabilities such as sales reports monitoring, cash flow recording, product demand analysis, tracking delivery status, and inventory management ensure systematic functioning and upscaling of a business. The adoption of POS software is directly impacted by the demand for POS terminals, which is witnessing growth in demand due to changing lifestyles and government policies. However, the COVID-19 pandemic disrupted the industry's business, wherein ...
Read more

Gas Detection Equipment Market Anticipated To Expand At A CAGR 9.7% From 2021 To 2028

  San Francisco, 5 May 2021:   The Report  Gas Detection Equipment Market  Size, Share & Trends Analysis Report By Product, By Technology (Infrared, Catalytic, PID), By End-use, By Region, And Segment Forecasts, 2021 - 2028 The global gas detection equipment market size is expected to reach USD 8.38 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 9.7% from 2021 to 2028. The market growth can be attributed to the growing awareness among governments regarding the harmful effects of greenhouse gases, coupled with their increased efforts toward protecting the environment. Major industries such as petroleum, oil, and gas, among others are needed to comply with safety and environmental regulations which are also major factors driving the market growth. Many companies are focused on introducing drone-based gas detection equipment, which is expected to create new opportunities for market growth in...
Read more